SUIUSDT Market Overview: 24-Hour Breakdown and Technical Indicators

• SUI/USDT posted a bearish close with intraday volatility peaking at 3.7010.
• A strong volume surge followed the 23:30 ET breakdown below 3.65.
• RSI signaled overbought conditions in the morning but dipped into oversold territory by 12:00 ET.
• Bollinger Band contraction was evident between 20:00–21:30 ET, followed by a breakout.
• The 15-minute chart showed a bullish engulfing pattern after 04:00 ET, failing to sustain the rally.

Sui/Tether (SUIUSDT) opened at $3.6686 on 2025-09-19 12:00 ET and closed at $3.6435 by 12:00 ET on 2025-09-20. The pair reached a high of $3.7010 and a low of $3.6122 over the 24-hour period. Total volume was 15,541,940, while notional turnover stood at approximately $54,275,790. The price action reflected both bearish exhaustion and short-covering rallies in key timeframes.

Structure & Formations

The 15-minute chart showed a distinct bearish breakdown from $3.68 above the 20-period EMA, with a sharp move to $3.6122. This was confirmed by a closing pinbar at 23:30 ET and a bullish engulfing pattern at 04:00 ET. The latter failed to hold above $3.69, suggesting bearish control. Key support levels appear at $3.64 and $3.61, with a possible bounce expected from the latter if volatility remains low. A doji at $3.6639 (04:30 ET) signaled indecision, while a hammer at $3.68 (05:45 ET) hinted at potential reversal.

Moving Averages

The 15-minute 20 and 50 EMA lines crossed bearishly around 21:00–22:00 ET, confirming a downtrend. On the daily chart, the 50 and 200 EMA lines suggested a longer-term bearish bias, with SUIUSDT trading below both. The 100 EMA provided intermediate resistance at $3.66, which was tested multiple times with failed breakouts.

MACD & RSI

The MACD line crossed below the signal line (bearish crossover) at 21:00 ET, indicating a sell-off. The histogram remained negative throughout the session, showing sustained bearish momentum. RSI oscillated between 30 and 70 most of the day, dipping into oversold territory (around 28) at 04:00 ET, signaling a potential bounce. However, the lack of follow-through volume suggested bearish exhaustion may still be in play.

Bollinger Bands

Bollinger Bands constricted between 20:00–21:30 ET, forming a consolidation pattern before a sharp bearish breakout. The price then moved from the upper band to the lower band, indicating high volatility and a strong bearish move. By the close, the price sat near the lower band, suggesting a potential rebound, although a retest of the lower band remains a risk.

Volume & Turnover

Volume surged after 23:30 ET with the breakdown below $3.65, confirming the bearish move. The highest volume spike occurred at 15:30 ET with a 15-minute close at $3.6941. Notional turnover followed a similar pattern, peaking at $3.6941, but volume and turnover diverged after 04:00 ET, indicating short-term volatility rather than a fundamental shift in sentiment.

Fibonacci Retracements

A 38.2% Fibonacci level at $3.66 acted as resistance, while the 61.8% retracement at $3.61 represented a key support. On the 15-minute chart, a swing high of $3.7010 and a swing low of $3.6122 provided retracement levels that were tested multiple times. The 50% level at $3.655 served as a temporary floor, with price bouncing from it on multiple occasions.

Backtest Hypothesis

The backtest strategy described leverages a breakout entry and Fibonacci retracement-based target. It triggers a short position when price breaks below the lower Bollinger Band with confirmation by RSI entering oversold territory and a bullish engulfing pattern. Stop-loss is placed just above the 38.2% Fibonacci level, while the target is set at the 61.8% level or the previous day's low. This aligns with the observed price behavior, where the breakdown below $3.65 was confirmed by volume and RSI divergence, and Fibonacci levels acted as key price anchors during the session.